MARCH 22, 2011

Giving Back: A Grad Student’s Do-It-Yourself Solution to the Foreclosure Crisis

Graduate student Imran Farooq at the University of Southern California is using his doctoral dissertation to help address foreclosure. The goal of his project, called “Sustaining our Society,” is to create a model for neighborhood revitalization that involves partnerships between residents, investors and nonprofits. As part of his project, Farooq chose a home in a neighborhood with many foreclosures and worked with an investor to create energy efficiencies in the homes.

SOURCE: Huffington Post, 3/14/11

MARCH 14, 2011

Only 14% of Newly Delinquent BoA Mortgages Qualify for HAMP

Recently, Bank of America examined 100 mortgages that were all 60 days or more delinquent and found that only 14 percent qualified for a permanent modification through the federal Home Affordable Modification Program (HAMP). This aligns with other claims that HAMP is not serving as many borrowers as it should be. The article describes a bill that aims to terminate the program and the motivation for the bill, which is based on HAMP’s low success rate.

SOURCE: HousingWire.com, 3/8/11

URL: http://www.housingwire.com/2011/03/08/only-14-of-newly-delinquent-bank-of-america-mortgages-qualify-for-hamp

MARCH 14, 2011

Bank of America to Expand Community Outreach for Distressed Homeowners

In an effort to help distressed homeowners, Bank of America will double its outreach staff in 2011, and also open four new regional customer service centers, host more community events through HOPE Now and Neighborhood Assistance Corporation of America (NACA), and increase collaborative efforts with more than 2,000 nonprofit housing programs nationwide. The goal is to support customers by offering face-to-face counseling and decision-making support and to provide ample opportunities to receive this support.

SOURCE: CNBC, 3/7/11

URL: http://www.cnbc.com/id/41957143

MARCH 8, 2011

Officials Disagree on Penalties for Mortgage Mess

Punishment for abuses by mortgage companies is now being disputed by state attorneys general and regulators. The Consumer Financial Protection Bureau, with support from the AGs and the FDIC, is suggesting that banks be hit with $20 billion or more in penalties. Regulators such as the Office of the Comptroller of the Currency see it differently, however, and believe that banks should not suffer such large fines. As the scope of the existing problems becomes clear, regulators can see opportunities for fixing systemic flaws.

SOURCE: The New York Times, 3/3/11

URL: http://www.nytimes.com/2011/03/03/business/03mortgage.html

MARCH 8, 2011

Revitalizing Rhode Island

Olneyville Housing Corporation in Rhode Island is conducting revitalization projects with funding from the Neighborhood Stabilization program and the Rhode Island Housing Land Bank. Rhode Island Housing also awarded OHC $7.8 million in low-income tax credits to fund construction and rehabilitation. The project is transforming foreclosed properties into affordable rental apartments and creating space for the local food pantry and a youth arts and theater program. A neighborhood community garden will be relocated using the funds as well.

SOURCE: Projo.com (The Providence Journal), 3/1/11

URL: http://www.projo.com/news/content/Town_by_town_foreclosures_03-01-11_2GMODRD_v13.1a20462.html